CNPLUS, an industrial and power infrastructure specialist, said on the 25th it swung to a profit on the back of its business portfolio overhaul. CNPLUS also succeeded in raising funds, logging oversubscription in a public offering of new shares.
CNPLUS posted 290 million won in operating profit last year, returning to the black from a year earlier. Sales rose 12.65% year over year to 53.5 billion won.
Expansion of the energy business drove the improved results. Since acquiring a wind power corporations in 2020, CNPLUS has expanded into renewable energy centered on wind, solar, and ESS. In particular, it strengthened capabilities around engineering, procurement, and construction (EPC), improving its revenue structure.
The connector institutional sector, the company's existing core business, also supported performance. The company said it secured a stable cash generation base by broadening its business scope from home appliances and industrial uses to high-speed interconnects for vehicle electronics, automobiles, and AI servers. Based on its experience supplying smart education infrastructure to public institutions, it is also strengthening its "ICT education platform" business.
CNPLUS conducted a public offering of new shares (small public offering) worth 1 billion won on the 24th. A total of 7,305,400 shares were subscribed for the 4,524,886 shares to be issued, recording a subscription rate of 161.45%. The payment date for the subscription funds is on the 26th.
CNPLUS plans to accelerate new businesses, including energy EPC, with the newly secured funds. A company official said, "If the connector business has firmly taken root as the source of stable cash flow, EPC renewable energy will be a powerful engine that explosively drives top-line growth this year."